Business Planning

CHAPTER 1 - PLAN TO WIN

beginners underestimate the time, energy, money and experience needed
most people want "get rich quick" schemes, they won't invest the time to plan
entrepreneurs are willing to delay immediate gratification
they invest time and energy to gain experience and education
they make mistakes and often fail, but they learn from their failures
they start small and build, letting their ability grow with their experience
only 5% of new businesses will succeed in the long term
investors and lenders will ask these questions:
1) can i make money investing in this business?
2) do i like and understand the business i'm investing in?
3) do i trust the people i'm investing with?
a successful entrepreneur has the following, regardless of age or gender:
1) vision - ability to find opportunities that others can't see
2) courage - ability to act despite tremendous doubt
3) creativity - ability to think outside the box
4) ability to withstand criticism - all successful people have been criticized
5) ability to delay gratification - work for the long term rewards
plan your exit at the beginning, know the final goal for your business
there is never a perfect time to start a business, so just start now

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